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Bitcoin The Almighty Buck Businesses

NY Approves New Digital Currency For Winklevoss Bitcoin Exchange ( 43

An anonymous reader writes (edited and condensed): The New York State Department of Financial Services has approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade digital currency ether on its bitcoin exchange, New York Governor Andrew Cuomo announced on Thursday. Cuomo said Gemini would be the first U.S.-based ether exchange, created, and operated in New York. Ether is a token or digital asset of the Ethereum platform, a public blockchain, or distributed ledger, that can execute peer-to-peer contracts automatically without the need for intermediaries. The blockchain is the underlying technology behind bitcoin. The Winklevoss twins have dubbed the exchange the 'Nasdaq of Bitcoin.' They have also developed a bitcoin exchange-traded fund (ETF) that would go by the name COIN, which regulators have yet to approve.CoinDesk has more information.
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NY Approves New Digital Currency For Winklevoss Bitcoin Exchange

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  • Please, everyone knows that the only tangible digital currency is dogecoin!
  • Section 10.
  • From the Ethereum website []:

    Ethereum would never be possible without bitcoin—both the technology and the currency—and we see ourselves not as a competing currency but as complementary within the digital ecosystem. Ether is to be treated as "crypto-fuel", a token whose purpose is to pay for computation, and is not intended to be used as or considered a currency, asset, share or anything else.

  • "to trade digital currency ether on its bitcoin exchange"

    Is this currency in the ether?

  • Is it just a coincidence that in the same week the imaginary creator of this imaginary currency was 'unmasked'?

    Or maybe Satoshi Wright's mad ramblings this week were just a stunt to generate publicity for this new service...

    • Imaginary currency?

      Isn't the U.S. Dollar just as "imaginary"? The green pieces of paper only have value because we believe they have value.

      (BTW, I have never used Bitcoin, and don't have any plans to use it.)

  • by Sibko ( 1036168 ) on Thursday May 05, 2016 @08:37PM (#52057673)

    I'm seeing a lot of authority structures suddenly opening themselves up to bitcoin exchanges or trade, this coming at a time when the currency itself is nearing its built-in, fundamental limitations.

    I think there's insiders, some very rich insiders, pressuring institutions to open up to bitcoin trading so they can get a big mass of suckers in and sell on the high to them all, just before the currency becomes effectively worthless due to problems in its design.

    • by Troed ( 102527 )

      Why do you think there are "built-in, fundamental limitations"?

      • by jbssm ( 961115 )

        We don't they they exist, they do actually and factually exist.

        Bitcoin can make 7 transaction per second. Not for 1 person, or one business but for the all world. 7 transactions per second, that's it. Do you really think the world can work with 7 only transactions per second taking place?

        More dumbfounding is that, the handful of Chinese miners that control the all bitcoin network (so much for the myth that bitcoin is decentralized), don't allow that value to be changed and not only kept the network locked b

        • by Troed ( 102527 )

          Bitcoin can, of course, make a lot more than 7 transactions per second. In general, it's best to get your Bitcoin knowledge from people who know Bitcoin :)

          The needed BIPs for implementation of Lightning Network have just been accepted.


  • It'd be nice to see stuff like this listed under "Blockchain" instead of "Bitcoin".

Some people have a great ambition: to build something that will last, at least until they've finished building it.